Globant (NYSE:GLOB) Stock Price Expected to Rise, TD Cowen Analyst Says

Globant (NYSE:GLOB) had its price objective lifted by TD Cowen from $230.00 to $240.00 in a report issued on Friday morning,Benzinga reports. The firm currently has a buy rating on the information technology services provider’s stock.

Several other equities analysts also recently commented on GLOB. Needham & Company LLC boosted their target price on shares of Globant from $200.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, August 16th. Scotiabank increased their price objective on shares of Globant from $200.00 to $210.00 and gave the company a “sector perform” rating in a report on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft began coverage on Globant in a report on Thursday, August 22nd. They issued a “hold” rating and a $210.00 target price on the stock. KeyCorp raised their price target on Globant from $220.00 to $235.00 and gave the company an “overweight” rating in a report on Friday, August 16th. Finally, Canaccord Genuity Group upped their price objective on Globant from $175.00 to $205.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $228.50.

Globant Stock Down 11.1 %

GLOB stock opened at $203.29 on Friday. The business’s 50-day moving average price is $208.98 and its 200-day moving average price is $191.09. The stock has a market cap of $8.76 billion, a P/E ratio of 53.08, a PEG ratio of 2.49 and a beta of 1.39. Globant has a twelve month low of $151.68 and a twelve month high of $251.50.

Globant (NYSE:GLOB) last issued its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.01. Globant had a net margin of 7.20% and a return on equity of 11.87%. The business had revenue of $587.46 million for the quarter, compared to the consensus estimate of $586.72 million. During the same quarter in the previous year, the firm earned $1.04 earnings per share. The company’s revenue for the quarter was up 18.1% on a year-over-year basis. On average, equities research analysts expect that Globant will post 5.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Globant

A number of institutional investors and hedge funds have recently modified their holdings of the business. Seven Eight Capital LP purchased a new stake in Globant in the 1st quarter valued at about $2,138,000. Vanguard Group Inc. raised its stake in shares of Globant by 7.9% during the first quarter. Vanguard Group Inc. now owns 112,339 shares of the information technology services provider’s stock valued at $22,681,000 after acquiring an additional 8,267 shares in the last quarter. Cetera Investment Advisers raised its stake in shares of Globant by 1,079.8% during the first quarter. Cetera Investment Advisers now owns 20,140 shares of the information technology services provider’s stock valued at $4,066,000 after acquiring an additional 18,433 shares in the last quarter. Jupiter Asset Management Ltd. boosted its holdings in shares of Globant by 14.6% in the first quarter. Jupiter Asset Management Ltd. now owns 42,584 shares of the information technology services provider’s stock valued at $8,598,000 after purchasing an additional 5,441 shares during the period. Finally, Brown Brothers Harriman & Co. grew its stake in Globant by 97.4% in the second quarter. Brown Brothers Harriman & Co. now owns 154,538 shares of the information technology services provider’s stock worth $27,548,000 after purchasing an additional 76,256 shares in the last quarter. 91.60% of the stock is owned by institutional investors.

Globant Company Profile

Globant SA, together with its subsidiaries, provides technology services worldwide. It provides digital solutions comprising blockchain, cloud technologies, cybersecurity, data and artificial intelligence, digital experience and performance, code, Internet of Things, metaverse, and engineering and testing; and enterprise technology solutions and services, such as Agile organization, Cultural Hacking, process optimization services, as well as AWS, Google Cloud, Microsoft, Oracle, SalesForce, SAP, and ServiceNow technology solutions.